A. The park shall be funded by annual contribution from the general fund or any other fund that can be used for recreational purposes, funds raised by the park board, any other funds that may be raised by donation, and state and federal grants. All monies received shall be given to the village treasurer for deposit in an appropriate account. All monies raised by the park board shall be retained and used by them for park purposes. All funds received shall only be spent for park and recreational purposes. The park board, with the signature of two (2) of its officers, and approval by the park board, may pay for and authorize expenditures of funds that are in accordance with municipal and state laws. Notwithstanding the above, the park board shall obtain council approval on expenditures of greater than one thousand five hundred dollars ($1,500.00) from monies received by the village.
B. The park board fiscal operation shall be included in the village's annual audit. The park board shall provide the village on an annual basis an independent annual audit.
C. The park board shall keep track of all voluntary work done at the park and the village shall contribute to the park fund annually the number of hours worked times five dollars ($5.00). (Ord. 01-27, 10-16-2001)